And let me give you some examples.

It makes sense to pay off your credit card balance every month.

My responsibility is to keep the company solvent.

Over the next few years big decisions will be made in Washington on jobs, the economy, taxes and deficits, energy, education, war and peace.

Because the government now owns 90 something percent of the company.

They're giving it to me for safekeeping.

It was a huge success.

The annual Spring Scream is in Hengchun.

And it got bailed out by the sovereign wealth fund.

But this I just want to show you some data here.

What are my liabilities?

Our economy grew from 2000 to 2007 on the back of consumers massively overborrowing.

Our borrowing costs were skyrocketing, and we were facing possible default.

You got Dick Clark. That's tradition.

You're still solvent.

They serviced the loans.

We're studying American history for the ninth time in nine years.

This is liabilities.

500meter dolphin relay!

Last May, I spent nine days living up in Barrow, Alaska, the northernmost settlement in the United States, with a family of Inupiat Eskimos, documenting their annual spring whale hunt.

I must return a debt every month.

The personal debt to income ratio basically went from 65 percent to 135 percent in the span of about 15 years.

For example why is Apple so innovative?

And to stop it crashing over the last two to three decades, we've expanded the money supply, expanded credit and debt, so that people can keep buying stuff.

We would create incentives for securitization.

Payable to the City of San Francisco.

Helps bring it down.

You have 189,000 as the value of this equity.

Now let's say it gets even worse.

But I don't believe that another round of tax breaks for millionaires will bring good jobs to our shores or pay down our deficit.

I can pay off my bank loan!

But I think it'll start making sense to you.

I can rent a 1 million house for about 3,000.

What is your strategy in your household?

Well everyone knows that it's not going to be exactly 10 .

So that's bankruptcy.

You go get bankruptcy protection.

This guy, he does have interest.

The Japanese economy continued to grow by more than 5 annually.

It allows let's say this group of borrowers let's say this pool of borrowers right here actually didn't

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Now's the time to keep our focus on the most urgent challenge of our time putting people back to work, paying down our debt, and building an economy where people can have confidence that if they work hard they can get ahead.

I give that money to someone else.

It can do it through debt or equity.

I have 4 billion in residential CDOs, collateralized debt obligations.